After first filing for its IPO confidentially in February , plant-based food company Oatly Group AB has filed with the U.S. Securities and Exchange Commission to go public.
Oatly Group changed its name from Havre Global AB on March 1, 2021.
The company will trade on the Nasdaq under the ticker “OTLY.”
Oatly OTLY 0.00% has set a target of raising $100 million, usually a placeholder amount that is later amended.
There are nine lead underwriters for the filing: Morgan Stanley, JPMorgan, Credit Suisse, Barclays, Jeffries, BNP Paribas, BofA Securities, Piper Sandler and RBC Capital Markets.
Oatly is backed by private-equity group Blackstone Group, as well as celebrity names like Oprah Winfrey and Jay Z who invested $200 million in the company last summer. That investment valued the company at $2 billion at the time, according to The Wall Street Journal.
Based in Malmö, Sweden, Oatly has been in the oat milk business for 25 years. The company’s product lineup now also includes frozen desserts and “oatgurt,” an alternative yogurt.
Toni Petersson has been Oatly’s chief executive since 2012, and will join the board once the company is publicly-traded.
Christian Hanke, a former Nasdaq Stockholm executive, has served as Oatly’s chief financial officer since March 2020.
The company is going public at a time when climate change and sustainability issues are top of mind for many consumers, particularly younger ones.
“Generation Z and Millennials will become the dominant global generations in the coming years, bringing to the market a new set of values and expectations,” the company said in its prospectus.
“These combined factors are driving a clear rapid, accelerating growth and influx of new consumers to the plant-based dairy market.”
According to the Plant Based Foods Association and Good Foods Institute, plant-based-food sales reached $7 billion in 2020.
Consumer Insights data quoted in the prospectus says the plant-based milk category will grow 20% to 25% over the next three years.
Oatly is focused on its role in helping to transform the food industry in order to be better for the environment and meet the health needs of its customers. The company points out that substituting a cup of Oatly for a cup of cow’s milk reduces greenhouse gas emissions, land use and energy consumption.
Tastewise, which provides food and beverage data and intelligence, said in a December 2020 report that “plant-based everything” will be one of the top 10 U.S. trends for this year.
“The number one reason consumers turn to plant-based food and beverage? Health,” the report said.
“Plant-based is no longer just an ‘alternative’ to meat, but rather a significantcategory in itself.”
Oatly’s key markets are Sweden, Germany and the U.K., though its products were available in 60,000 retail stores and 32,200 coffee shops around the world as of December 31, 2020. Among the places where customers can find Oatly is Starbucks /zigman2/quotes/207508890/composite SBUX -0.35% , where demand was so high there was a shortage soon after the coffee chain introduced beverages made with the item.
COVID-19 has impacted Oatly’s business as lockdowns around the world limited access to restaurants, bars and other dining establishments.